伯恩斯坦將比特幣目標價上調至 2025 年減半後至 15 萬美元

Bernstein 分析師預計，在即將到來的減半事件之後，比特幣的價值將大幅飆升，預計到2025 年將達到15 萬美元 該預測考慮了機構採用率的增加、現貨比特幣ETF 整合以及挖礦動態的變化。儘管近期比特幣價格因 ETF 流入放緩而下跌，但 Bernstein 仍保持樂觀態度，並表示減半有可能減少供應並刺激需求，導致價格大幅上漲。

Bernstein Maintains Bullish Stance on Bitcoin, Predicts $150,000 Price Target By 2025

Bernstein 維持對比特幣的看漲立場，預計到 2025 年目標價將達到 15 萬美元

Reaffirming their unwavering optimism, Bernstein analysts have issued a client note outlining their ambitious price forecast for Bitcoin, projecting a significant surge in value following the upcoming halving event. The firm's esteemed analysts, Gautam Chhugani and Mahika Sapra, anticipate a remarkable ascent to $150,000 by the end of 2025. This audacious forecast is anchored upon a confluence of compelling factors, including the burgeoning adoption of Bitcoin by institutional investors and transformative shifts in mining dynamics.

伯恩斯坦分析師重申了他們堅定不移的樂觀態度，他們發布了一份客戶報告，概述了他們對比特幣雄心勃勃的價格預測，預計在即將到來的減半事件後，比特幣價值將大幅飆升。該公司備受尊敬的分析師Gautam Chhugani 和Mahika Sapra 預計，到2025 年底，比特幣價格將顯著上漲至15 萬美元。幣的迅速採用以及採礦動態的變革性轉變。

Post-Halving Bullish Trajectory

減半後的看漲軌跡

The halving, a meticulously planned reduction in the reward for mining Bitcoin, is poised to transpire between April 19th and 20th, 2024. This highly anticipated event is characterized by a reduction in the newly minted Bitcoin entering circulation, a fundamental factor that has historically ignited profound price increases.

減半是精心策劃的比特幣挖礦獎勵減少，預計將於2024 年4 月19 日至20 日之間發生。這是歷史上引發的基本因素價格大幅上漲。

While the immediate impact of the halving may take several months to manifest, Bernstein remains steadfast in its bullish outlook for Bitcoin's potential to ascend to unprecedented heights, particularly as the market adapts to the revised mining rewards and ETF inflows stabilize.

雖然減半的直接影響可能需要幾個月才能顯現出來，但伯恩斯坦仍然堅定地看好比特幣有潛力升至前所未有的高度，特別是在市場適應修改後的挖礦獎勵和ETF 流入穩定的情況下。

The Halving Effect: Demand-Driven Price Surge

減半效應：需求驅動的價格飆升

Bernstein's analysts contend that while the halving intrinsically reduces the supply of new bitcoins, its influence on price is predominantly driven by subsequent escalations in demand, rather than solely the diminished supply.

伯恩斯坦的分析師認為，雖然減半本質上減少了新比特幣的供應，但其對價格的影響主要是由隨後的需求升級所驅動的，而不僅僅是供應減少。

Key Drivers of Demand: Fueling Bitcoin's Ascent

需求的主要驅動因素：推動比特幣的上漲

According to Bernstein's meticulous analysis, a constellation of key developments is poised to stimulate heightened demand for Bitcoin:

根據伯恩斯坦的細緻分析，一系列關鍵發展將刺激對比特幣的需求增加：

ETF Inflows: A Catalyst for Growth

ETF 流入：成長的催化劑

The firm astutely observes that although exchange-traded fund (ETF) inflows have recently decelerated, they are anticipated to regain momentum post-halving. This resurgence in ETF inflows will serve as a pivotal catalyst, propelling Bitcoin's price upward.

該公司敏銳地觀察到，儘管交易所交易基金（ETF）的流入最近有所放緩，但預計在減半後將恢復勢頭。 ETF 資金流入的復甦將成為推動比特幣價格上漲的關鍵催化劑。

Spot Bitcoin ETFs and Institutional Integration

現貨比特幣 ETF 和機構整合

The seamless integration of spot Bitcoin ETFs with wirehouses and Registered Investment Advisors (RIAs) is projected to amplify structural demand for Bitcoin. This strategic move will facilitate broader access to Bitcoin for institutional investors, further bolstering its allure as a mainstream asset class.

現貨比特幣 ETF 與經紀商和註冊投資顧問 (RIA) 的無縫整合預計將擴大對比特幣的結構性需求。這項策略性舉措將促進機構投資者更廣泛地接觸比特幣，進一步增強其作為主流資產類別的吸引力。

Revised Price Prediction: A More Ambitious Target

修訂後的價格預測：更雄心勃勃的目標

Earlier in March, Bernstein had initially projected a conservative target of $90,000 for Bitcoin's price by the end of 2024, a significant upward revision from their previous estimate of $80,000. This adjustment reflected the robust price appreciation witnessed in January, driven by the optimistic sentiment surrounding ETF approvals ahead of the halving event.

3 月初，Bernstein 最初預計到 2024 年底比特幣價格保守目標為 90,000 美元，較先前估計的 80,000 美元大幅上調。這項調整反映了 1 月份價格的強勁上漲，這是由減半事件之前圍繞 ETF 批准的樂觀情緒所推動的。

The analysts have now raised their expectations even further, forecasting a stratospheric rise to $150,000 by the end of 2025. This revised forecast underscores their unwavering belief in Bitcoin's enduring potential as a store of value and its growing acceptance as a legitimate investment vehicle.

分析師現在進一步提高了他們的預期，預測到2025 年底比特幣將飆升至15 萬美元。作為合法投資工具越來越被接受的信念。

Impact of Mining Dynamics: Mitigating Miner Concerns

採礦動態的影響：減輕礦工的擔憂

The halving event also raises legitimate concerns regarding the profitability of Bitcoin mining, as the reward for mining is effectively halved. This potential decline in profitability could trigger apprehension among miners, a phenomenon aptly termed the "miner fear factor" by Bernstein.

減半事件也引發了人們對比特幣挖礦獲利能力的合理擔憂，因為挖礦獎勵實際上減半了。這種潛在的獲利能力下降可能會引發礦工的擔憂，伯恩斯坦將這種現象恰當地稱為「礦工恐懼因素」。

To mitigate these concerns, Bernstein recommends strategic investments in companies like Riot Platforms (RIOT) and CleanSpark (CLSK), which are expected to thrive due to their astute self-mining strategies and leadership within the mining sector. These companies are poised to weather the potential profitability challenges posed by the halving, ensuring the continued production of new bitcoins and maintaining the integrity of the Bitcoin network.

為了緩解這些擔憂，伯恩斯坦建議對 Riot Platforms (RIOT) 和 CleanSpark (CLSK) 等公司進行策略性投資，這些公司由於精明的自挖礦策略和在採礦業的領導地位而有望蓬勃發展。這些公司準備好應對減半帶來的潛在獲利挑戰，確保新比特幣的持續生產並保持比特幣網路的完整性。

Conclusion

結論

Bernstein's unwavering optimism for Bitcoin is grounded in a comprehensive analysis of fundamental drivers, including increased institutional adoption, the impact of spot Bitcoin ETFs, and the transformative effects of the upcoming halving event. Despite acknowledging potential headwinds, such as the profitability concerns of miners, the firm's analysts remain steadfast in their belief that Bitcoin is poised to shatter its previous all-time highs and establish itself as a formidable asset in the global financial landscape. As the halving approaches and the market matures, Bernstein's ambitious price target of $150,000 by 2025 appears increasingly feasible, signaling a new era of growth and acceptance for Bitcoin.

伯恩斯坦對比特幣堅定不移的樂觀態度是基於對基本面驅動因素的全面分析，包括機構採用率的增加、現貨比特幣 ETF 的影響以及即將到來的減半事件的變革性影響。儘管承認存在潛在的不利因素，例如礦商盈利能力的擔憂，但該公司的分析師仍然堅信，比特幣有望打破其先前的歷史高點，並成為全球金融格局中的一項強大資產。隨著減半的臨近和市場的成熟，Bernstein 到 2025 年達到 15 萬美元的雄心勃勃的價格目標似乎越來越可行，這標誌著比特幣進入了成長和接受的新時代。